Philippines GDP Likely Grew 6.6%

The Philippine economy likely grew at a much faster pace in the third-quarter of the year owing to strong domestic demand and public sector-led infrastructure projects, Moody’s Analytics’ latest outlook revealed, PNA reported. Based on Moody’s Analytics Asia Pacific Economic Preview for this week, the division of Moody’s Corp. noted that the country’s gross domestic product likely expanded by 6.6% in July to September, marginally stronger than the 6.5% expansion in the previous quarter. But Moody’s Analytics’ forecast is slower compared with 7% GDP registered in the same period last year, but within the (President) Duterte administration’s target of 6.5% to 7.5%. “Domestic demand likely remained firm, as consumers benefited from steady inflows of overseas worker remittances and a healthy job market, and investment stayed firm on the back of government-led infrastructure projects,” Moody’s Analytics’ report read. Along with this, it noted that the country’s exports also likely boosted GDP growth, as demand for semiconductors and electronics was firm during the quarter.